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honghua group (196) Details

Honghua Group Limited, an investment holding company, is engaged in the research, design, manufacture, setting, and sale of land drilling rigs, offshore drilling modules, and parts and components. It also provides technical support and drilling engineering services. The company operates through four segments: Land Drilling Rigs, Offshore Drilling Rigs, Parts, Components and Others, and Oil and Gas Engineering Services. The company designs and manufactures land drilling equipment, including land drilling rigs, offshore drilling packages, top drives, mud pumps, and other oil drilling equipment and ancillaries; and offshore equipment comprising jack-up, semi-submersible, fixed platform, and SPAR offshore drilling platforms, as well as functioning equipment, navigation and anchor systems, electric and dynamic modules, and platform bodies. It also offers various oil and gas engineering services, including drilling services, such as oil and gas wells, air and foam, underbalanced, horizontal/vertical, horizontal/directional, and high H2S wells drilling services; and other drilling services, such as cementing, high density mud engineering, casing running, surface testing, and completion services. In addition, the company offers workovers; and vaule-added services, including drilling camp construction and operation, and rig moving services. Further, it is involved in the trade of drilling rigs and related parts. The company operates primarily in the People’s Republic of China, the Americas, the Middle East, and Europe, as well as Central, South, and Southeast Asia. The company was founded in 1997 and is headquartered in Chengdu, the People’s Republic of China.

honghua group (196) Key Developments

Honghua Group Limited Enters into a Contract for the Construction of a Semi-Submersible Mobile Offshore Drilling Unit

Oct 31 14

Honghua Group Limited's board announced that on October 31, 2014, after mutual negotiation, Honghua Offshore and a subsidiary of Jas Marine entered into a contract for the construction of a semi-submersible mobile offshore drilling unit. The major contents in the Construction Contract are the same as those in the LOA. Furthermore, the Purchaser has an option to purchase from Honghua Offshore 3 additional units with the same specifications of the semi-submersible mobile offshore drilling unit within 20 months from the date of the effectiveness of the Construction Contract. The Construction Contract was determined after arms' length negotiations between Honghua Offshore and the Purchaser. The Directors are of the view that the terms of the Construction Contract are under normal commercial terms, fair and reasonable and are in the interest of the Company and its shareholders as a whole. The Purchaser will still contract Opus Offshore, a reputable and experienced rig construction and project management company to supervise the construction of the semi-submersible mobile offshore drilling unitwithin a framework governed by the latest regulations and high quality standards in place within the international offshore exploration and production sector.

Honghua Group Limited Announces Unaudited Consolidated Earnings Results for the Six Months Ended June 30, 2014

Sep 9 14

Honghua Group Limited announced unaudited consolidated earnings results for the six months ended June 30, 2014. For the period, the company reported return on average assets of 1.4% compared to 2.1% a year ago. Return on average equity was 4.2% compared to 5.4% a year ago. Payment for addition of fixed assets and construction in progress was RMB 306.353 million against RMB 257.026 million a year ago. Net cash used in operating activities was RMB 39.749 million against RMB 1,334.294 million a year ago.

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